Colorado § 31-31-706 Affiliation by exempt defined benefit pension plans

Colorado Statutes

§ 31-31-706 — Affiliation by exempt defined benefit pension plans

Colorado·Title 31 Government·Art. Fire - Police - New Hire Pension Plans

(1)At the request of any local employer having an exempt defined benefit pension plan, the board is authorized to make an agreement with the employer's governing body to manage such employer's exempt defined benefit pension plan fund for investment.

(2)(a) As an alternative to affiliation for investment management pursuant to subsection (1) of this section, at the request of any local employer having an exempt defined benefit pension plan, the board is authorized to make an agreement with the employer's governing body to incorporate the exempt defined benefit pension plan into the defined benefit system. The incorporation shall be under terms and conditions that are mutually agreeable to the employer's governing body and the board and as may be required to maintain the qualifie

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(1) At the
request of any local employer having an exempt defined benefit pension plan, the
board is authorized to make an agreement with the employer's governing body to
manage such employer's exempt defined benefit pension plan fund for investment.

(2) (a) As an alternative to affiliation for investment management pursuant to
subsection (1) of this section, at the request of any local employer having an exempt
defined benefit pension plan, the board is authorized to make an agreement with
the employer's governing body to incorporate the exempt defined benefit pension
plan into the defined benefit system. The incorporation shall be under terms and
conditions that are mutually agreeable to the employer's governing body and the
board and as may be required to maintain the qualified status of the plan under the
federal Internal Revenue Code of 1986, as amended.

(b) Prior to the implementation of an agreement of incorporation pursuant to
paragraph (a) of this subsection (2), the board shall find that the incorporation is not
projected to have an adverse actuarial impact on existing members of the defined
benefit system. The board and the employer's governing body are authorized to
take all actions necessary to accomplish the agreement and to maintain the
qualified status of the formerly exempt defined benefit pension plan after
incorporation into the defined benefit system. Notwithstanding any other
requirement, an exempt defined benefit pension plan may be incorporated into the
defined benefit system without the approval of the members of the exempt plan or
the statewide plan.

(c) The board may require that employees hired by the local employer with
the formerly exempt defined benefit pension plan after the date of incorporation
pursuant to this subsection (2) be members of the statewide retirement plan
pursuant to article 31.5 of this title 31.

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Legislative History

Source: L. 96: Entire article added with relocations, p. 926, � 1, effective May 23. L. 2005: Entire section amended, p. 309, � 1, effective April 14. L. 2006: (2)(a) and (2)(b) amended, p. 196, � 22, effective March 31. L. 2022: (2)(c) amended, (HB 22-1034), ch. 61, p. 309, � 12, effective January 1, 2023.